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Targa prices common share offering for Permian-to-Mont Belvieu NGL pipe project

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Targa prices common share offering for Permian-to-Mont Belvieu NGL pipe project

Targa Resources Corp. priced its public offering of 17,000,000 common shares at $46.10 per share, which is expected to yield net proceeds of about $777.3 million, or $893.9 million upon full exercise of the underwriters' overallotment option.

The net proceeds would be used to fund part of the CapEx for Targa's recently announced NGL pipeline project, as well as to repay borrowings under its credit facilities, to redeem its 6.375% senior notes due 2022 and for general corporate purposes, according to a May 25 news release. The offering is scheduled to close June 1.

The planned NGL pipeline would deliver volumes from the Permian Basin and Targa's North Texas system to its fractionation and storage complex at Mont Belvieu, Texas.

The underwriters were given a 30-day overallotment option for up to 2,550,000 additional shares. Barclays Capital Inc. is acting as book-running manager.